Financing in Chicago>Question Details

Ash Kumar, Home Buyer in Chicago, IL

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Asked by Ash Kumar, Chicago, IL Mon Jan 28, 2013

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Mary Kay Laurent NMLS ID: 8705’s answer
Ash, you can get FHA Financing 2 years after the chapter 7 discharge date. Was there a foreclosure included in the Chpt 7? Also, with 20% down FHA 15 year, you will not have Monthly Mortgage insurance, I just did this for one of my borrowers and it worked out great! Also, please note that the FHA financing is changing as of April 1st and will not be as good of a deal as it is if you get find a place and locked before April 1st. Please feel free to call me to discuss 773.516.6859.
0 votes Thank Flag Link Thu Feb 21, 2013
I would be happy to help. It depends on when your BK 7 was released. Also, if you were able to establish credit since the BK. With a 20% down payment you should be able to finance a 2nd home. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Wed Feb 20, 2013
Ash,

Just so you know, FHA will probably not work for you, since they only underwrite primary residences, not 2nd homes or investment properties. By the way you wrote your request for help, it appears that you currently own a primary residence and will be using the new condo as a "work address" that will allow you to reduce your commute from your primary residence.
So that leaves you with the Fannie Mae/Freddie Mac option and the wait time there is 4 years after BK.

If you need any advice from me, I would be happy to help. Give me a call at your convenience.

J.D. Saxon,
Mortgage Banker, BMO Harris Bank
NMLS: 697451
Direct: 312.731.2254
24 Hr Direct Fax: 312-945-7363
0 votes Thank Flag Link Sun Feb 10, 2013
Hi Ash, consult a mortgage lender.
0 votes Thank Flag Link Sun Feb 3, 2013
I am a Real Estate broker but my company has a great team from Wells Fargo who can help you with getting the mortgage and assist you with all questions you have. I always recommend him and all my clients are more then happy with JIm-here is his info:

James Foeller
Mortgage Consultant
NMLSR ID 662142
Wells Fargo Home Mortgage | 900 N Michigan Ave #1700 | Chicago, IL 60611
MAC M3131-111
Tel (312) 893-8120 | Cell (773) 412-2969 | Fax (866) 798-4979
james.j.foeller@wellsfargo.com

Once you get pre-approval letter you are ready to look for a new home and i can help you with that feel free to contact me any time.
Thanks,
Maja
0 votes Thank Flag Link Sun Feb 3, 2013
As a bankruptcy lawyer practicing in Chicago, I can attest to the fact that it is possible to rebuild your credit after chapter 7. Having said that, each candidate will be underwritten on as case by case basis, so rather than looking for one lender, you may want to consider applying for financing with several. You don't mention how long ago you received your discharge, but the more time you have to rebuild credit, the better. Good luck!

David M. Siegel
0 votes Thank Flag Link Fri Feb 1, 2013
You can visit my law firm website for more information about rebuilding credit after chapter 7: http://davidmsiegel.com
Flag Fri Feb 1, 2013
If your Bankrupcy has been discharged for more than 2 years you are OK to apply for a mortgage. I would be happy to help you. Joanna 773-327-3580
0 votes Thank Flag Link Thu Jan 31, 2013
Hello Ash,

Every lender has its guidelines. We work with a professional and knowledgeable group of lenders that will search every possible avenue to help you. Please feel free to contact me so I can provide you with their numbers. Good luck!
0 votes Thank Flag Link Thu Jan 31, 2013
Going to depend on how long ago that BK was discharged. You need at least 24 months past the discharge dat in order to qualify. Give me a call to discuss.


Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Wed Jan 30, 2013
Depending on when you had the BK you may be able to get financing. Speak with a Lender in order to try to pre-qualify you. Feel free to contact me should you need any assistance.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Mon Jan 28, 2013
Please visit my free website at http://www.idealhomesinchicagoland.com. You can see my preferred lenders. One being Mark Fritsch with BMO Harris. They have quite a few programs that you may be eligible for. As always, my services and website are free for you to utilize and my website is up to date information, unlike many of the realty websites. If you have any questions, please feel free to contact me for any of your needs.
0 votes Thank Flag Link Mon Jan 28, 2013
You can obtain financing for owner occupied property with some lenders, depending on the loan programs the bank offers. Under FHA guidelines, you can obtain financing if your bankruptcy has been discharged for two years. Although traditionally FHA was not score driven, now your FICO score should be at least 625 on a middle score (throwing out the highest and the lowest of the three scores). These FHA mortgages can be obtained from the best banks in the industry, like Wells Fargo, Bank of America, JPMorgan Chase and other lending institutions that has long established track records with FHA lending. As long as the property is owner occupied and your discharge has seasoned two years, it should not be a problem.
0 votes Thank Flag Link Mon Jan 28, 2013
Hello, I am a Licensed Mortgage Lender and recently funded a mortgage for a Chicago resident who lost 10 properties in Chapter 7 2 years and 3 months ago. Please email me and I will be happy to send you a waiting matrix for Chapert 7 Bankruptcy, explain to you your options and work with you to get your financing for your condo in Chicago!


Mary Kay Laurent
Vice President of Mortgage Lending
P: 773.516.6859
C: 312.403.4150
F: 773.516.6014
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent
NMLS: 870598
3940 North Ravenswood • Chicago, IL • 60613

NMLS ID 2611 | NMLS Consumer Access
Licensing Information: https://www.guaranteedrate.com/licensing
State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611
0 votes Thank Flag Link Mon Jan 28, 2013
If you like I can connect you with a lender who will consider your situation and depending on price and size of the property you intend to purchase, and with 20 % down you must know how much you want or can spend. You should also never buy on your own without the assistance and guidance and expertise of a buyers agent, who will be your personal Realtor, protect your interests and his or her
services are usually free to the buyer as buyers agents for properties listed in the multiple listing service are paid at the closing by the sellers side.

Feel free to contact me with the app. purchase price, size of property and I will connect you with an appropriate Realtor and lender.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Jan 28, 2013
You will have to speak to a lender. Give them all your information. If you cant get one now, they can put you on a credit repair program.
0 votes Thank Flag Link Mon Jan 28, 2013
Hello Ash
If the BK was discharged 2 year ago then you may be able to buy
Please call me to discuss
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Mon Jan 28, 2013
Hi Ash,

Try: Anthony.Marinaccio@keymortgageservices.com

312-981-2373. If he can help you, let me know, and we can look for a place for you.

http://www.bairdwarner.com/angela.bailey

angela.bailey@bairdwarner.com
0 votes Thank Flag Link Mon Jan 28, 2013
Dear Ash,

From my notes in order for you take a loan from the time your Chapter 7 has been discharged the following applies depending on the type of loan:

Fannie Mae 4 years
Freddie Mac 4 Years
FHA 2 Years

If you should have any questions in regards to this I have total trust with Mary Kay Laurent at 773-516-6859 with Guarantee Rate to guide you through this process.

Best of Luck
0 votes Thank Flag Link Mon Jan 28, 2013
Hi Ash,

How long ago was your BK will play a part in determining your eligibility for mortgage financing.

Contact Chris DePaepe 773-848-4144 with Guranteed Rate. She's awesome!

Good luck!
0 votes Thank Flag Link Mon Jan 28, 2013
Mr. Kumar,

It is going to depend on how long ago the Chapter 7 bankruptcy was discharged. If it has been 2 years, then you could be eligible for FHA financing. Was a mortgage also part of the bankruptcy? Of course with FHA financing, the condominium development has to be HUD approved.

Give me a call to discuss further. I've helped several clients with a past bankruptcy get new mortgage financing.

Bradley Eggers
Senior Loan Originator
One Mortgage, Inc.
847-744-0168 (cell)
847-963-1000 (work)
beggers@ardain.com
NMLS #: 222407
0 votes Thank Flag Link Mon Jan 28, 2013
Ash,
It's possible you can qualify for a loan. A lot depends on when the Chapter 7 was discharged. Feel free to give me a call to discuss further. I can be reached directly at 312-204-6556.

Thanks,
JP



JP Marzano
Senior Loan Officer - NMLS # 574681
Chicago Financial Services
312-204-6556 - direct
312-608-1555 - mobile
http://www.themortgagecall.com
0 votes Thank Flag Link Mon Jan 28, 2013
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